Market Overview

Mid-Day Market Update: Dow Surges Over 100 Points; SAIC Shares Tumble On Downbeat Results

Midway through trading Wednesday, the Dow traded up 0.74 percent to 14,943.51 while the NASDAQ surged 0.95 percent to 3,646.82. The S&P also rose, gaining 0.87 percent to 1,654.00.

Top Headline

Dollar General (NYSE: DG) reported a rise in its second-quarter profit.

Dollar General’s quarterly profit surged to $245.5 million, or $0.75 per share, from $214.1 million, or $0.64 per share, in the year-ago period. Its adjusted earnings came in at $0.77 per share.

Its revenue climbed to $4.4 billion from $3.9 billion. However, analysts were projecting earnings of $0.74 per share on revenue of $4.4 billion. Dollar General projects full-year earnings of $3.15 to $3.22 per share.

Equities Trading UP

Ciena (NASDAQ: CIEN) shot up 11.65 percent to $23.09 after the company reported upbeat FQ3 profit.

Shares of Micron Technology (NASDAQ: MU) got a boost, shooting up 4.14 percent to $14.59 following some bullish comments from Sterne Agee's Vijay Rakesh.

Verint Systems (NASDAQ: VRNT) was also up, gaining 7.39 percent to $35.47 on Q2 results.

Equities Trading DOWN

Shares of Francesca's Holdings (NASDAQ: FRAN) were down 25.06 percent to $18.00 after the company reported downbeat second-quarter results.

SAIC (NYSE: SAI) shares tumbled 5.28 percent to $14.35 after the company reported downbeat Q2 results and lowered its forecast for the year.

Ryanair Holdings plc (NASDAQ: RYAAY) was down, falling 7.33 percent to $45.28 after the company issued a full-year profit warning. UBS also downgraded the stock from Buy to Neutral.

Commodities

In commodity news, oil traded down 1.03 percent to $107.42, while gold traded down 1.69 percent to $1,388.10.

Silver traded down 4.01 percent Wednesday to $23.45, while copper fell 1.95 percent to $3.24.

Eurozone

European shares were mostly higher today. The Spanish Ibex Index gained 0.53 percent, while Italy’s FTSE MIB Index fell 1.35 percent. Meanwhile, the German DAX gained 0.19 percent and the French CAC 40 climbed 0.16 percent while U.K. shares rose 0.10 percent.

Economics

The ICSC-Goldman Sachs store sales index dropped 0.6% in the week ended August 31 versus the earlier week.

The Mortgage Bankers Association reported that its index of mortgage application activity increased 1.3% in the week ended August 30, versus a 2.5% drop in the earlier week.

US trade deficit surged 13.3% to $39.1 billion in July. However, economists were expecting the deficit of $39.0 billion in July. Imports increased 1.6% to $228.6 billion, while exports declined 0.6% to $189.4 billion.

The Johnson Redbook Retail Sales Index rose 0.6% in the first four weeks of August from July.

The Federal Reserve will release its latest Beige Book report at 2:00 p.m. ET.

Posted-In: Mid-Day Market UpdateNews Technicals Economics Intraday Update Markets Movers Trading Ideas

 

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